Equifax refused to restore his credit score or explain why it dropped to zero, until Go Public started asking questions.
Only then did the company point to its little-known policy: If a credit file sits inactive, the consumer may be labelled “unscoreable” and their score reset to zero. Tregear says the last time he checked, before it disappeared, his score was around a more respectable 700.
Go Public has since found a major flaw in consumer protection rules — that there are no laws or oversight on how credit scores are calculated, leaving credit bureaus to do what they want.
Consumer advocate Geoff White says that gives credit bureaus too much power, with no transparency.
That’s an interesting concept but standards are different, so what does a social score mean anyway? For example, I value high eq/empathy above all. Lacking that but being a billionaire won’t increase my score toward you even though you might be rated high because you own a house, car, business etc.
Well in case of China, it’s how good they view you as a citizen. And that’s based on their own evaluation templates. And it’s probably based on how early you get to your job and how well you perform for glorious China.
Isn’t this social credit thing mostly a hoax? They said they would do it but I’ve never met a Chinese person that confirmed they had this up and running
Edit: yeah mostly not a thing, Wiki got receipts https://en.m.wikipedia.org/wiki/Social_Credit_System
Must’ve been edited by members of the Chinese government. (/s) ;)